Friday, December 05, 2008

Nice System

Bill Bonner describes the Wall Street rescue package.

The U.S. government borrows money from it to Wall Street so they can lend it back to the taxpayers at a profit. Wall Street borrows ‘our money’ from the Fed at, say, 1%...then they lend it back to us at, say, 6% or 7%. That way, Wall Street makes money and we can still borrow what we need.

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